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| All figures in £ millions | Notes | 2005 | 2004 | 2003 |
|---|---|---|---|---|
| Assets | ||||
| Non-current assets | ||||
| Property, plant and equipment | 11 | 384 | 355 | 402 |
| Intangible assets | 12 | 3,854 | 3,278 | 3,550 |
| Investments in joint ventures and associates | 13 | 36 | 47 | 64 |
| Deferred income tax assets | 14 | 385 | 359 | 342 |
| Financial assets - Derivative financial instruments | 16 | 79 | - | - |
| Other financial assets | 15 | 18 | 15 | 21 |
| Other receivables | 19 | 108 | 102 | 100 |
| Total | 4,864 | 4,156 | 4,479 | |
| Current assets | ||||
| Intangible assets - pre-publication | 17 | 426 | 356 | 362 |
| Inventories | 18 | 373 | 314 | 319 |
| Trade and other receivables | 19 | 1,031 | 933 | 1,025 |
| Financial assets - Derivative financial instruments | 16 | 4 | - | - |
| Cash and cash equivalents (excluding overdrafts) | 20 | 902 | 461 | 551 |
| Total | 2,736 | 2,064 | 2,257 | |
| Non-current assets classified as held for sale | - | 358 | - | |
| Total | 2,736 | 2,422 | 2,257 | |
| Total assets | 7,600 | 6,578 | 6,736 | |
| Liabilities | ||||
| Non-current liabilities | ||||
| Financial liabilities - Borrowings | 21 | (1,703) | (1,714) | (1,349) |
| Financial liabilities - Derivative financial instruments | 16 | (22) | - | - |
| Deferred income tax liabilities | 14 | (204) | (139) | (140) |
| Retirement benefit obligations | 24 | (389) | (408) | (364) |
| Provisions for other liabilities and charges | 22 | (31) | (43) | (59) |
| Other liabilities | 23 | (151) | (99) | (70) |
| Total | (2,500) | (2,403) | (1,982) | |
| Current liabilities | ||||
| Trade and other liabilities | 23 | (974) | (868) | (943) |
| Financial liabilities - Borrowings | 21 | (256) | (109) | (578) |
| Current income tax liabilities | (104) | (89) | (54) | |
| Provisions for other liabilities and charges | 22 | (33) | (14) | (18) |
| Total | (1,367) | (1,080) | (1,593) | |
| Liabilities directly associated with non-current assets classified as held for sale |
- | (81) | - | |
| Total liabilities | (3,867) | (3,564) | (3,575) | |
| Net assets | 3,733 | 3,014 | 3,161 | |
Equity |
||||
| Share capital | 25 | 201 | 201 | 201 |
| Share premium | 25 | 2,477 | 2,473 | 2,469 |
| Other reserves | 26 | (328) | (623) | (410) |
| Retained earnings | 26 | 1,214 | 749 | 709 |
| Total equity attributable to equity holders of the Company | 3,564 | 2,800 | 2,969 | |
| Minority interest | 169 | 214 | 192 | |
| Total equity | 3,733 | 3,014 | 3,161 | |
These financial statements have been approved for issue by the board of directors on 26 February 2006 and signed on its behalf by
Rona Fairhead, Chief financial officer
